UBA records 33% profit growth to N78.3bn

United Bank for Africa (UBA) Plc showed improved performance in its latest results as the first generation commercial bank significantly grew its top-line and profit.

Highlights of the interim report and accounts of UBA for the nine-month period ended September 30, 2017 released at the Nigerian Stock Exchange (NSE) indicated that gross earnings rose by 26 per cent. Profit before tax grew by 33.2 per cent while profit after tax increased by 23 per cent.

UBA Group’s gross earnings rose to N333.9 billion in September 2017 as against N265.5 billion reported in September 2016. Group’s operating income stood at N236.9 billion in 2017 compared with N183.3 billion recorded in the corresponding period of 2016, representing a 29.3 percent growth. Profit before tax jumped to N78.3 billion in 2017 as against N58.8 billion recorded in the similar period of 2016. Profit after tax grew from N49.5 billion in 2016 to N60.9 billion in 2017.

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Also, the group closed the third quarter 2017 with total assets of N3.77 trillion, a year-to-date growth of 7.6 per cent. The bank increased its net loans to N1.6 trillion, a 6.0 per cent year-to-date growth in the loan book. Group’s shareholders’ fund grew by 13.3 per cent to N507.6 billion in 2017 while the annualized return on average equity stood at 18 per cent.

Group Managing Director, United Bank for Africa (UBA) Plc, Mr. Kennedy Uzoka, noted that the bank’s nine-month top-line grew by 26.3%, to an unprecedented N334 billion, driven particularly by the strong performance of its recurring core revenue lines.

According to him, the slow, but steady, recovery in economic activities in Nigeria is presenting new opportunities for growth, particularly as improving foreign currency liquidity and the multiplier effect of rising public sector spending are stimulating economic activities.

“We continue to benefit from the strategic diversification of our business, with non-Nigerian business now contributing more than a third of revenues this quarter. These positive developments reinforce our constructive outlook on earnings and balance sheet growth for the last quarter of the year”.

 

 

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